Waterway Advantage: Barges Outperform Trucks and Rails in Transport Efficiency

Rockville , July 25, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the barge rental market is estimated to grow from US$ 82.9 billion in 2023 to US$ 122.7 billion in 2033 at a rate of 4.0% creating an absolute $ opportunity of US$ 39.8 billion.

Barges, with their flat surfaces and ability to navigate waterways, offer numerous advantages over land-based transportation methods like trucks and rail. They have a high carrying capacity, allowing for the efficient transport of large volumes of goods in a single voyage. This reduces the need for multiple trucks or railcars and leads to cost savings in fuel, labor, and maintenance. Barges are particularly suitable for bulk commodities such as chemicals, agricultural products, and petroleum.

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The barge rental market has a long history, dating back centuries, and has grown alongside the development of waterway infrastructure. Governments and private entities have invested in canals, rivers, and ports, improving the navigability of waterways and fostering the growth of the barge rental market.

Barges also play a crucial role in transporting bulky and heavy materials, which are often required in industrial sectors such as manufacturing, automotive, and construction. Barges also accommodate oversized items that may not be suitable for road or rail transportation, ensuring a smooth supply chain.

Key Takeaways from Market Study

• The US market for barge rental is highly lucrative growing at a CAGR of 6.0% during the forecast period
• In 2018, the barge rental market had a valuation of US$ 67.8 billion
• Historic growth of the German barge rental market was 5.6% between 2018 to 2022
• By barge type, an open barge is estimated to account for a market share of 69.1% in 2023
• Towed barge is likely to grow at a CAGR of 4.7% during the forecast period creating an absolute $ opportunity of US$ 16.1 billion

“Barges as Bulk Cargo Specialists and is Well Suited for Chemicals, Agriculture, and Petroleum Industry” says a Fact.MR analyst.

Market Growth Stratagems

Prominent market players include:-

• Barge Connection,
• Barge Master,
• Barge USA,
• BargeWorld,
• Bhoir Dredging Company,
• Coastal Marine Services,
• Global Barge Rental,
• Interlake Barge Company,
• McDonough Marine Service,
• McNally Smith Marine,
• Mubarak Marine, and Sterling Equipment.

Barge rental service providers gain a competitive edge by providing additional value through discounts and package deals. They understand the importance of cost savings for their customers and create attractive offers that bundle services or provide discounts for multiple rentals or extended rental periods. Such offers not only incentivize customers to choose their services over competitors but also build loyalty and customer satisfaction.

By combining a diverse fleet, competitive pricing, flexible rental plans, and enticing package deals, barge rental service providers can effectively differentiate themselves in the market, attract a wide range of customers, and build a strong reputation in the industry.

• In October 2022, Barge Master receives 7.5 million for a more efficient installation of offshore wind farms.
• In April 2021, McDonough Marine Service announces the opening of its newest barge fleet location on Staten Island, New York City, N.Y. The location is highly strategic - Staten Island is situated close to the largest port facilities in the New York area.

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Segmentation of Barges Rental Industry Research Report

• By Barge Type:
  • Covered Barge
    • Sectional Barge
    • Tank Barge
  • Open Barge
    • Deck Barge
    • Crane Barge
    • Power Barge
    • Others
• By Propulsion:
  • Self-Propelled Barge
  • Towed Barge
• By Region:
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the barge rental market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.

The study reveals essential insights on the basis of the global barges rental market analysis, by barge type (covered barge (sectional barge, and tank barge), open barge (deck barge, crane barge, power barge, and others), by propulsion (self-propelled barge, and towed barge), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).

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